Fan Art: HELP! Art Fair Advice

I have a desicion to make. There is going to be an art festival in my area on the 26th of August. I have until July 1st to send in an application.

My problem is that I'm not very consistent in doing my art. Would it be possible to get going on doing art that I could sell or would I just fall? I'm not even sure what kind of art to do, original stuffed dragons or charcoal drawings. I don't even know anything the business asspect or what format is good for selling. I figure that I can't expect someone to come along and hold my hand but that I just have to jump in and do it.

I would have thought you'd have to build up a portfolio of work that would be up for sale, before the fair.

I think if you start work just for the show, it would;

a) Be of generally lower quality than you would like, and therefore reflect badly on you in future...

b) Not have the quantity to be able to sell well and cover your costs for the fair.

My advice would be to forget about this particular fair as a seller, go as a buyer and scope out everyone else and what they're doing. Meanwhile, get together a decent sized portfolio of good quality work for the next major art fair.

I might be totally off base, but thats my thinking.

Edit

Also, before you sell your original work, take good quality reproductions of them, and have it arranged in a decent book/folder for public perusal, that way you can show off your work easily and efficently, thus raising the prospect of art commissions... which would be another source of income.